Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, has said that the country’s soaring food inflation which hit 40.87 percent in June 2024 is a recipe for nationwide protest and unrest by Nigerians.
Dele Oye, disclosed this in a statement while reacting to the National Bureau of Statistics’ latest consumer price index and inflation report for June.
NBS on Monday said Nigeria’s headline and food inflation rose for the 18th time to 34.19 percent and 40.87 percent.
Oye said “Persistent insecurity, particularly in northern Nigeria, has severely disrupted farming activities. Many farmers have abandoned their farms due to threats from insurgents, bandits, and herders-farmers conflicts, leading to reduced agricultural output.”
He noted that the prolonged food inflation can cause social unrest, and protests as Nigerians struggle to cope with attendant hardship.
“It would also birth prolonged food inflation, which could lead to social unrest and protests, as people struggle to cope with the rising cost of essential commodities. Furthermore, poor nutrition due to unaffordable food prices can lead to long-term health issues, especially among children, pregnant women, and the elderly,” he added.
As a solution, Oye said the government should deploy security to agricultural regions in Nigeria, and the Central Bank should initiate policies to bring down inflationary pressures and invest in infrastructure.
“Investment in rural infrastructure, such as roads, storage facilities, and irrigation systems, is crucial to facilitate the efficient transportation and storage of agricultural produce”, he stated.
The development comes as Nigerians are already warming up for a planned headship protest starting on August 1, 2024.